Sun International expects 155-165% increase in EPS - CNBC Africa

Sun International expects 155-165% increase in EPS

Earnings

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Sun International says casino revenue in its South African operations is up 5.4 per cent.

The leisure and gaming group added that this is 155 per cent to 165 per cent higher than the 324 cents of last year.

Its headline earnings are likely to be 359 to 375 cents per share, which is 10 per cent to 15 per cent higher than the 326 cents of last year.

“The difference between earnings per share and headlines earnings per share is largely attributable to the profit realised from the sale of a significant portion of the group’s shareholdings in the group’s operations located in Botswana, Lesotho, Namibia and Zambia,” Sun International said.

(READ MORE: Sun International to dispose of African assets)

“Diluted adjusted headline earnings, which the board considers the most meaningful measure of the performance of the company, are likely to be between 401 and 417 cents per share, which is 20 per cent to 25 per cent higher than the 334 cents reported last year.”

The company further stated that the improved performance is predominantly due to restructuring initiatives across the group, in particular South Africa.

“Monticello casino revenue was up 18.2 per cent as the property continues to recover from the smoking ban implemented in Chile in March 2013. Profitability was negatively impacted by the results of the Ocean Sun Casino in Panama which is in its startup phase,” it said.

“Casino revenue in the group’s South African operations is up 5.4 per cent in comparison to last year. The group’s EBITDA increased by 14.5 per cent in comparison to last year.”

[DATA SUI:Sun International] stated that its results for the six months are expected to be released on the Stock Exchange News Service of the JSE before the end of February 2015.

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